Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 29, 2014 | 7-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'PGT, Inc. | ' |
Entity Central Index Key | '0001354327 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 47,238,685 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $62,724 | $49,563 |
Cost of sales | 42,953 | 32,004 |
Gross margin | 19,771 | 17,559 |
Selling, general and administrative expenses | 13,377 | 13,024 |
Gain on sale of assets held for sale | ' | -2,195 |
Income from operations | 6,394 | 6,730 |
Interest expense, net | 898 | 813 |
Other expense, net | 177 | 216 |
Income before income taxes | 5,319 | 5,701 |
Income tax expense | 1,967 | 437 |
Net income | 3,352 | 5,264 |
Net income per common share: | ' | ' |
Basic | $0.07 | $0.10 |
Diluted | $0.07 | $0.09 |
Weighted average shares outstanding: | ' | ' |
Basic | 47,150 | 52,517 |
Diluted | 49,727 | 56,893 |
Comprehensive income | $3,262 | $5,106 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $30,777 | $30,204 |
Accounts receivable, net | 22,392 | 20,821 |
Inventories | 15,325 | 12,908 |
Prepaid expenses | 1,166 | 1,538 |
Other current assets | 3,174 | 3,166 |
Deferred income taxes, net | 2,333 | 2,763 |
Total current assets | 75,167 | 71,400 |
Property, plant and equipment, net | 46,340 | 44,123 |
Intangible assets, net | 38,441 | 38,869 |
Other assets, net | 2,050 | 2,240 |
Total assets | 161,998 | 156,632 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 16,974 | 15,522 |
Current portion of long-term debt | 4,895 | 4,890 |
Total current liabilities | 21,869 | 20,412 |
Long-term debt, less current portion | 71,470 | 72,365 |
Deferred income taxes, net | 13,380 | 13,380 |
Other liabilities | 1,426 | 1,400 |
Total liabilities | 108,145 | 107,557 |
Shareholders' equity: | ' | ' |
Preferred stock; par value $.01 per share; 10,000 shares authorized; none outstanding Common stock; par value $.01 per share; 200,000 shares authorized; 49,312 and 48,868 shares issued and 47,228 and 46,871 shares outstanding at March 29, 2014, and December 28, 2013, respectively | 493 | 489 |
Additional paid-in-capital | 231,744 | 229,269 |
Accumulated other comprehensive loss | -2,313 | -2,223 |
Accumulated deficit | -165,062 | -168,414 |
Subtotal shareholders' equity | 64,862 | 59,121 |
Less treasury stock at cost | -11,009 | -10,046 |
Total shareholders' equity | 53,853 | 49,075 |
Total liabilities and shareholders' equity | $161,998 | $156,632 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 49,312 | 48,868 |
Common stock, shares outstanding | 47,228 | 46,871 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $3,352 | $5,264 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 986 | 1,235 |
Amortization | 428 | 1,626 |
Provision for allowances of doubtful accounts | -87 | -103 |
Amortization and write off of deferred financing costs | 234 | 389 |
Stock-based compensation | 245 | 316 |
Derivative financial instruments | 433 | 252 |
Deferred income taxes | 429 | ' |
Tax benefit for stock options exercised | -1,538 | ' |
Gain on disposal of assets | ' | -2,178 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,852 | -4,955 |
Inventories | -2,417 | -1,960 |
Prepaid and other assets | 486 | -23 |
Accounts payable, accrued and other liabilities | 2,804 | 1,991 |
Net cash provided by operating activities | 3,503 | 1,854 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -3,203 | -637 |
Proceeds from disposal of asset | ' | 7,470 |
Net cash (used in) provided by investing activities | -3,203 | 6,833 |
Cash flows from financing activities: | ' | ' |
Payments of long-term debt | -1,000 | -7,500 |
Purchases of treasury stock | -963 | -6,091 |
Tax benefit for stock options exercised | 1,538 | ' |
Proceeds from exercise of stock options | 698 | 451 |
Net cash provided by (used in) financing activities | 273 | -13,140 |
Net increase (decrease) in cash and cash equivalents | 573 | -4,453 |
Cash and cash equivalents at beginning of period | 30,204 | 18,743 |
Cash and cash equivalents at end of period | $30,777 | $14,290 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 29, 2014 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION | ' |
NOTE 1. BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements include the accounts of PGT, Inc. and its wholly-owned subsidiary, PGT Industries, Inc. (collectively, the “Company”) after elimination of intercompany accounts and transactions. These statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by United States Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the remainder of the current year or for any future periods. Each of our Company’s fiscal quarters ended March 29, 2014, and March 30, 2013, consisted of 13 weeks. | |
The condensed consolidated balance sheet as of December 28, 2013, is derived from the audited consolidated financial statements but does not include all disclosures required by GAAP. The condensed consolidated balance sheet as of December 28, 2013, and the unaudited condensed consolidated financial statements as of and for the period ended March 29, 2014, should be read in conjunction with the more detailed audited consolidated financial statements for the year ended December 28, 2013, included in the Company’s most recent Form 10-K annual report. Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in the Company’s Form 10-K. | |
Recently Issued Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (FASB) issued ASU No. 2013-11, "Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward Exists,” which requires tax benefits to be presented in the financial statement as a reduction to deferred tax asset for a net operating loss carryforward or a tax credit carryforward. We adopted this standard in the first quarter of 2014, and it did not impact the condensed consolidated financial statements. |
WARRANTY
WARRANTY | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||
WARRANTY | ' | ||||||||||||||||||||
NOTE 2. WARRANTY | |||||||||||||||||||||
Most of our manufactured products are sold with warranties. Warranty periods, which vary by product components, generally range from 1 to 10 years, although the warranty period for a limited number of specifically identified components in certain applications is a lifetime. However, the majority of the products sold have warranties on components which range from 1 to 3 years. The reserve for warranties is based on management’s assessment of the cost per service call, the lag time between order ship dates and warranty service dates, and the number of service calls expected to be incurred to satisfy warranty obligations on recorded net sales. The reserve is determined after assessing Company history and through specific identification. Expected future obligations are discounted to a current value using a risk-free rate for obligations with similar maturities. | |||||||||||||||||||||
During the quarter, we recorded warranty expense at a rate of 1.75% of sales. This rate is higher than the 1.50% of sales accrued in the first quarter of 2013, due to a recent increase in the number of service claims. We assess the adequacy of our warranty accrual on a quarterly basis and adjust the previous amounts recorded, if necessary, to reflect a change in estimate of the future costs of claims yet to be serviced. | |||||||||||||||||||||
The table set forth below summarizes current period charges, any adjustment to previous estimates if necessary, as well as settlements, which represent actual costs incurred during the period, for the three months ended March 29, 2014, and March 30, 2013. The reserve is determined after assessing Company history and through specific identification. Expected future obligations are discounted to a current value using a risk-free rate for obligations with similar maturities. | |||||||||||||||||||||
The following provides information with respect to our warranty accrual: | |||||||||||||||||||||
Beginning | Charged to | End of | |||||||||||||||||||
Accrued Warranty | of Period | Expense | Adjustments | Settlements | Period | ||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three months ended March 29, 2014 | $ | 2,666 | $ | 1,098 | $ | 90 | $ | (1,198 | ) | $ | 2,656 | ||||||||||
Three months ended March 30, 2013 | $ | 3,858 | $ | 744 | $ | (188 | ) | $ | (841 | ) | $ | 3,573 |
INVENTORIES
INVENTORIES | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
NOTE 3. INVENTORIES | |||||||||
Inventories consist principally of raw materials purchased for the manufacture of our products. We have limited finished goods inventory since all products are custom, made-to-order and usually ship upon completion. Finished goods inventory costs include direct materials, direct labor, and overhead. All inventories are stated at the lower of cost (first-in, first-out method) or market value. Inventories consisted of the following: | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 12,291 | $ | 11,305 | |||||
Work in progress | 429 | 329 | |||||||
Finished goods | 2,605 | 1,274 | |||||||
Total inventories | $ | 15,325 | $ | 12,908 | |||||
STOCK_COMPENSATION_EXPENSE
STOCK COMPENSATION EXPENSE | 3 Months Ended | |||
Mar. 29, 2014 | ||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |||
STOCK COMPENSATION EXPENSE | ' | |||
NOTE 4. STOCK COMPENSATION EXPENSE | ||||
On March 28, 2014, the Board of Directors adopted, and on May 7, 2014, our stockholders approved, the PGT, Inc. 2014 Omnibus Equity Incentive Plan (the “2014 Equity Incentive Plan”). The Board of Directors determined that grants of restricted shares and other share-based awards to our officers, employees, Directors, independent contractors and consultants are an important part of our long-term incentive compensation program, which we use in order to strengthen the commitment of such individuals to the Company, motivate them to faithfully and diligently perform their responsibilities, and attract and retain competent and dedicated individuals, whose efforts will result in the long-term growth and profitability of the Company. | ||||
2014 Omnibus Equity Incentive Plan | ||||
The 2014 Omnibus Equity Incentive Plan, among other things: | ||||
• | provides 1,500,000 common shares available for grants of equity awards, | |||
• | sets forth the types of awards eligible under the plan, including issuances of options, share appreciation rights, restricted shares, restricted share units, share bonuses, other share-based awards and cash awards, | |||
• | identifies those eligible to receive the equity awards include company officers, employees, directors, and certain independent contractors and consultants, and | |||
• | confirms that the governance and administration of such equity plan is the responsibility of the Board of Directors, or Compensation Committee at the direction of the Board. | |||
Exercises | ||||
In the first quarter of 2014, there were 432,162 options exercised at a weighted average exercise price of $1.61 per share, and 12,027 restricted shares vested at a weighted average fair value price of $10.30 per share. | ||||
New Issuances | ||||
In March 2014, we issued 20,000 options and 144,262 restricted stock awards to certain executive and non-executive employees of the Company. The options vest over a five year period from March 2014, and have an exercise price of $11.81 per share based on the NASDAQ market price of the underlying common stock on the close of business on the day the options were granted. The restricted stock awards were issued as two separate grants, the first being both performance and service based awards with a weighted average fair value on date of grant of $11.81 per share based on the NASDAQ market price of the common stock on the close of business on the day the awards were granted, and vest over a three year period. The second awards were service based only, with a weighted average fair value on date of grant of $11.81 per share based on the NASDAQ market price of the common stock on the close of business on the day the awards were granted, and vest over a three year period. | ||||
We record stock compensation expense over an award’s vesting period based on the award’s fair value at the date of grant. We recorded compensation expense for stock-based awards of $0.2 million for the first quarter of 2014 and $0.3 million for the first quarter of 2013. As of March 29, 2014, and March 30, 2013, there was $2.0 million and $1.0 million, respectively, of total unrecognized compensation cost related to non-vested stock options and restricted stock awards. These costs are expected to be recognized in earnings on a straight-line basis over the weighted average remaining vesting period of 2.1 years. |
NET_INCOME_PER_COMMON_SHARE
NET INCOME PER COMMON SHARE | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
NET INCOME PER COMMON SHARE | ' | ||||||||
NOTE 5. NET INCOME PER COMMON SHARE | |||||||||
Basic EPS is determined using the two-class method and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the dilutive effect of potential common shares from securities such as stock options. | |||||||||
Our weighted average shares outstanding for the three months ended March 29, 2014, and March 30, 2013, excludes underlying options of 47 thousand and 22 thousand, respectively, because their effects were anti-dilutive. | |||||||||
The table below presents the calculation of EPS and a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS for our Company: | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands, except per share amounts) | |||||||||
Net income | $ | 3,352 | $ | 5,264 | |||||
Weighted-average common shares - Basic | 47,150 | 52,517 | |||||||
Add: Dilutive effect of stock compensation plans | 2,577 | 4,376 | |||||||
Weighted-average common shares - Diluted | 49,727 | 56,893 | |||||||
Net income per common share: | |||||||||
Basic | $ | 0.07 | $ | 0.1 | |||||
Diluted | $ | 0.07 | $ | 0.09 | |||||
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 3 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
INTANGIBLE ASSETS | ' | ||||||||||
NOTE 6. INTANGIBLE ASSETS | |||||||||||
Intangible assets are as follows: | |||||||||||
Original | |||||||||||
March 29, | December 28, | Useful Life | |||||||||
2014 | 2013 | (in years) | |||||||||
(in thousands) | |||||||||||
Intangible assets: | |||||||||||
Trade names | $ | 38,441 | $ | 38,441 | indefinite | ||||||
Customer relationships | 55,700 | 55,700 | 10 | ||||||||
Less: Accumulated amortization | (55,700 | ) | (55,272 | ) | |||||||
Subtotal | — | 428 | |||||||||
Intangible assets, net | $ | 38,441 | $ | 38,869 | |||||||
Indefinite Lived Intangible Asset | |||||||||||
The impairment evaluation of the carrying amount of intangible assets with indefinite lives is conducted annually, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The evaluation is performed by comparing the carrying amounts of these assets to their estimated fair values. If the estimated fair value is less than the carrying amount of the intangible assets, an impairment charge is recorded to reduce the asset to its estimated fair value. The estimated fair value is determined using the relief from royalty method that is based upon the discounted projected cost savings (value) attributable to ownership of our trade names, our only indefinite lived intangible assets. | |||||||||||
In estimating fair value, the method we use requires us to make assumptions, the most material of which are net sales projections attributable to products sold with these trade names, the anticipated royalty rate we would pay if the trade names were not owned (as a percent of net sales), and a weighted average discount rate. These assumptions are subject to change based on changes in the markets in which these products are sold, which impact our projections of future net sales and the assumed royalty rate. Factors affecting the weighted average discount rate include assumed debt to equity ratios, risk-free interest rates, and equity returns, each for market participants in our industry. | |||||||||||
Our year-end test of trade names, performed as of December 28, 2013, utilized a weighted average royalty rate of 4.0% and a discount rate of 16.1%. As of December 28, 2013, the estimated fair value of the trade names exceeded book value by approximately 79%, or $30.3 million. We believe our projected sales are reasonable based on available information regarding our industry and the core markets that we serve. We also believe the royalty rate is appropriate and could improve over time based on market trends and information. The discount rate was based on current financial market trends and will remain dependent on such trends in the future. | |||||||||||
No impairment test was conducted during the quarter ended March 29, 2014, because no impairment indicators were identified. | |||||||||||
Amortizable Intangible Assets | |||||||||||
We perform an impairment test on our amortizable intangible assets any time that impairment indicators exist. As of March 29, 2014, all amortizable intangible assets have been fully amortized. |
LONGTERM_DEBT
LONG-TERM DEBT | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
LONG-TERM DEBT | ' | ||||
NOTE 7. LONG-TERM DEBT | |||||
On May 28, 2013, we entered into a Credit Agreement (the “Credit Agreement”) with the various financial institutions and other persons from time to time parties thereto as lenders (the “Lenders”), SunTrust Bank, as administrative agent (in such capacity, the “Administrative Agent”), as collateral agent, as swing line lender and as a letter of credit issuer, and the other agents and parties thereto. The Credit Agreement established new senior secured credit facilities in an aggregate amount of $105.0 million, consisting of an $80.0 million Tranche A term loan facility maturing in five years that will amortize on a basis of 5% annually during the five-year term, and a $25.0 million revolving credit facility maturing in five years that includes a $5.0 million swing line facility and a $10.0 million letter of credit facility. | |||||
Interest on all loans under the Credit Agreement is payable either quarterly or at the expiration of any LIBOR interest period applicable thereto. Borrowings under the term loans and the revolving credit facility accrue interest at a rate equal to, at our option, a base rate or LIBOR plus an applicable margin. The applicable margin is based on our leverage ratio, ranging from 300 to 350 basis points in the case of LIBOR and 200 to 250 basis points in the case of the base rate. We pay quarterly fees on the unused portion of the revolving credit facility equal to 0.50% as well as a quarterly letter of credit fee at a rate per annum equal to the applicable margin for LIBOR loans on the face amount of any outstanding letters of credit. | |||||
On September 16, 2013, we entered into two interest rate caps and an interest rate swap to hedge a portion of our debt against volatility in future interest rates (See Note 11). | |||||
The Credit Agreement requires us to maintain a maximum leverage ratio (based on the ratio of total funded debt to consolidated EBITDA, each as defined in the Credit Agreement) and a minimum fixed charge coverage ratio (based on the ratio of consolidated EBITDA minus net cash taxes minus capital expenditures to cash interest expense plus scheduled principal payments of term loans, each as defined in the Credit Agreement), which are tested quarterly based on the last four fiscal quarters and is set at levels as described in the Credit Agreement. As of March 29, 2014, our current leverage as defined in the calculation was 1.75, and we were in compliance and expect to be in the future. | |||||
The Credit Agreement also contains a number of affirmative and restrictive covenants, including limitations on the incurrence of additional debt, liens on property, acquisitions and investments, loans and guarantees, mergers, consolidations, liquidations and dissolutions, asset sales, dividends and other payments in respect of our capital stock, prepayments of certain debt and transactions with affiliates. The Credit Agreement also contains customary events of default. | |||||
In connection with entering into the Credit Agreement, on May 28, 2013, we terminated the credit agreement, dated as of June 23, 2011, among PGT Industries, Inc., as the borrower, the Company, as guarantor, the lenders from time to time party thereto and General Electric Capital Corporation, as administrative agent and collateral agent (the “Old Credit Agreement”). Proceeds from the term loan facility under the Credit Agreement were used to repay amounts outstanding under the Old Credit Agreement, repurchase shares of our common stock having an aggregate value of approximately $50 million, and pay certain fees and expenses. | |||||
On August 5, 2013, we entered into Amendment No. 1 (the “Amendment”) to the Credit Agreement dated May 28, 2013. The Amendment permits us to make capital expenditures (as defined in the Credit Agreement) in an amount up to but not exceeding $14.0 million in connection with the expansion and operation of our glass processing business and activities without reducing the amount of capital expenditures otherwise permitted. | |||||
The face value of the debt as of March 29, 2014, was $78.0 million. Related debt issuance costs and the debt discount are being amortized to interest expense, net on the Condensed Consolidated Statements of Comprehensive Income over the term of the debt. | |||||
The contractual future maturities of long-term debt outstanding as of March 29, 2014, are as follows (excluding unamortized debt discount and issuance costs): | |||||
(in thousands) | |||||
2014 | $ | 4,000 | |||
2015 | 4,000 | ||||
2016 | 4,000 | ||||
2017 | 3,000 | ||||
2018 | 63,000 | ||||
Total debt | $ | 78,000 | |||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||||||
NOTE 8. ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||
The following table shows the activity of accumulated other comprehensive loss, net of tax for the three months ended March 29, 2014, and March 30, 2013: | |||||||||||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | |||||||||||||
Balance at December 28, 2013 | $ | (1,837 | ) | $ | (386 | ) | $ | (2,223 | ) | ||||
Other comprehensive loss before reclassification | (97 | ) | (154 | ) | (251 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 161 | — | 161 | ||||||||||
Net current-period other comprehensive loss | 64 | (154 | ) | (90 | ) | ||||||||
Balance at March 29, 2014 | $ | (1,773 | ) | $ | (540 | ) | $ | (2,313 | ) | ||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | |||||||||||||
Balance at December 29, 2012 | $ | (1,414 | ) | $ | — | $ | (1,414 | ) | |||||
Other comprehensive loss before reclassification | (158 | ) | — | (158 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | ||||||||||
Net current-period other comprehensive loss | (158 | ) | — | (158 | ) | ||||||||
Balance at March 30, 2013 | $ | (1,572 | ) | $ | — | $ | (1,572 | ) | |||||
Reclassification out of accumulated other comprehensive loss for the three months ended March 29, 2014, and March 30, 2013: | |||||||||||||
Amount reclassified from Accumulated Other | Affected line item in | ||||||||||||
Comprehensive Loss | statement where Net | ||||||||||||
March 29, | March 30, | ||||||||||||
Detail about accumulated other comprehensive loss components | 2014 | 2013 | Income is presented | ||||||||||
(in thousands) | |||||||||||||
Aluminum Forward Contracts | |||||||||||||
Effective Portion of aluminum forward contracts | $ | 256 | $ | — | Cost of Sales | ||||||||
Tax effect | (95 | ) | — | Tax expense | |||||||||
$ | 161 | $ | — |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 29, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 9. COMMITMENTS AND CONTINGENCIES | |
Litigation | |
Our Company is a party to various legal proceedings in the ordinary course of business. Although the ultimate disposition of those proceedings cannot be predicted with certainty, management believes the outcome of any claim that is pending or threatened, either individually or in the aggregate, will not have a materially adverse effect on our operations, financial position or cash flows. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 29, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
NOTE 10. INCOME TAXES | |
We recognized income taxes at a rate of 37.0%, which is slightly lower than the statutory rate of 38.8% for the three months ended March 29, 2014. The rate is lower than the statutory rate due mainly to the estimated impact of the section 199 manufacturing deduction. | |
Our income tax rate was 7.7% for the three months ended March 30, 2013, as we released a portion of our deferred tax asset valuation allowance to offset a portion of our regular tax expense. As of the year ended 2013, we had no valuation allowance on our deferred tax assets. |
DERIVATIVES
DERIVATIVES | 3 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
DERIVATIVES | ' | ||||||||||||||||||||||||
NOTE 11. DERIVATIVES | |||||||||||||||||||||||||
We enter into aluminum forward contracts to hedge the fluctuations in the purchase price of aluminum extrusion we use in production. Our contracts are designated as cash flow hedges since they are highly effective in offsetting changes in the cash flows attributable to forecasted purchases of aluminum. | |||||||||||||||||||||||||
In addition, we entered into LIBOR rate hedges on September 16, 2013, to offset the changes in cash flows of the debt interest rate payments that are attributable to the fluctuations of LIBOR rates. With the exception of the time value portion of our caps, these contracts are designated as cash flow hedges since they are highly effective in offsetting the changes in the monthly interest payments attributable to the changes in interest rates during the term of the agreement. | |||||||||||||||||||||||||
We net cash collateral from payments of margin calls on deposit with our brokers against the liability position of open contracts for the purchase of hedge instruments on a first-in, first-out basis. For statement of cash flows presentation, we present net cash receipts from and payments to the margin account as investing activities. | |||||||||||||||||||||||||
Derivative Financial Instruments – Aluminum Contracts | |||||||||||||||||||||||||
Guidance under the Financial Instruments topic of the Codification requires us to record our hedge contracts at fair value and consider our credit risk for contracts in a liability position, and our counter-party’s credit risk for contracts in an asset position, in determining fair value. We assess our counter-party’s risk of non-performance when measuring the fair value of financial instruments in an asset position by evaluating their financial position, including cash on hand, as well as their credit ratings. We assess our risk of non-performance when measuring the fair value of our financial instruments in a liability position by evaluating our credit ratings, our current liquidity, including cash on hand, and availability under our revolving credit facility as compared to the maturities of the financial liabilities. In addition, we entered into a master netting arrangement (MNA) with our commodities broker that provides for, among other things, the close-out netting of exchange-traded transactions in the event of the insolvency of either party to the MNA. | |||||||||||||||||||||||||
We maintain a $2.0 million line of credit with our commodities broker to cover the liability position of open contracts for the purchase of aluminum in the event that the price of aluminum falls. Should the price of aluminum fall to a level which causes our liability for open aluminum contracts to exceed $2.0 million, we are required to fund daily margin calls to cover the excess. | |||||||||||||||||||||||||
At March 29, 2014, the fair value of our aluminum forward contracts was in a net liability position of $0.6 million. We had 29 outstanding forward contracts for the purchase of 9.1 million pounds of aluminum, representing approximately 36% of our anticipated needs through June 2015, at an average price of $0.88 per pound with maturity dates of between less than one month and fifteen months. We assessed the risk of non-performance of the Company to these contracts and recorded a de minimis adjustment to fair value as of March 29, 2014. | |||||||||||||||||||||||||
As of December 28, 2013, the fair value of our aluminum forward contracts was in a net liability position of approximately $0.5 million. We had 33 outstanding forward contracts for the purchase of 9.5 million pounds of aluminum at an average price of $0.89 per pound with maturity dates of between less than one month and eighteen months through June 2015. We assessed the risk of non-performance of the Company on these contracts and recorded a de minimis adjustment to fair value as of December 28, 2013. | |||||||||||||||||||||||||
Although it is our intent to have our aluminum hedges qualify as highly effective for reporting purposes, during the three months ended March 29, 2014, 12 of our 29 outstanding contracts no longer qualified as effective. Effectiveness of aluminum forward contracts is determined by comparing the change in the fair value of the forward contract to the change in the expected cash to be paid for the hedged item. The effective portion of the gain or loss on our aluminum forward contracts is reported as a component of Accumulated other comprehensive loss in the accompanying Condensed Consolidated Balance Sheets and is reclassified into earnings in the same line item in the Consolidated Statement of Comprehensive Income as the hedged item in the same period or periods during which the transaction affects earnings. When a cashflow hedge becomes ineffective, and if the forecasted hedged transaction is still probable of occurrence, amounts previously recorded in Accumulated other comprehensive loss remain in Accumulated other comprehensive loss and are recognized in earnings in the period in which the hedged transaction affects earnings. The change in value of the aluminum forward contracts occurring after ineffectiveness is recognized in Other expense, net on the Condensed Consolidated Statements of Comprehensive Income. We do not expect the gains or losses recognized in Accumulated other comprehensive loss as of March 29, 2014, that will be reclassified to earnings within the next three months to be material. | |||||||||||||||||||||||||
As of December 28, 2013, our aluminum hedges qualified as effective for reporting purposes and amounts were recorded in Accumulated other comprehensive loss. | |||||||||||||||||||||||||
Derivative Financial Instruments – Interest Rate Contract | |||||||||||||||||||||||||
On September 16, 2013, we entered into two interest rate caps and one interest rate swap. The first is a one year interest rate cap agreement with a notional amount of $40.0 million that was designated as a cash flow hedge that protects the variable rate debt from an increase in the floating one month LIBOR rate of greater than 0.50%. The second is a two year interest rate cap agreement with a notional amount of $20.0 million that was designated as a cash flow hedge that protects the variable rate debt from an increase in the floating one month LIBOR rate of greater than 0.50%. Effectiveness for the interest rate caps will be measured by comparing the changes in the intrinsic value of the cap with the change in the fair value of the forecasted interest payments due to changes in the LIBOR interest rate when LIBOR is greater than 0.50%. The intrinsic value portions of the interest rate caps are expected to be highly effective due to the critical terms of the cap exactly matching those of the hedged debt. The time value portion of the caps are deemed ineffective and will be marked to market in the reporting period. | |||||||||||||||||||||||||
The swap is a forward starting three year six months interest rate swap agreement with a notional amount of $40.0 million that effectively converted a portion of the floating rate debt to a fixed rate of 2.15% that starts September 28, 2014, with a termination date of May 18, 2018. Since all of the critical terms of the swap and cap exactly matched those of the hedged debt, no ineffectiveness was identified in the hedging relationship. Consequently, all changes in fair value are recorded as a component of Accumulated other comprehensive income. Hedge effectiveness for the interest rate swap is evaluated on a quarterly basis by comparing changes in the cumulative gain or loss from the forward-starting interest rate swap with the cumulative changes in the discounted expected cash flows of future monthly interest related to changes of the swap rate. | |||||||||||||||||||||||||
The impact of the offsetting derivative instrument is depicted below: | |||||||||||||||||||||||||
As of March 29, 2014 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset in Balance Sheet | ||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Received | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Interest rate caps | $ | 19 | $ | — | $ | 19 | $ | — | $ | — | $ | 19 | |||||||||||||
As of March 29, 2014 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset in Balance Sheet | ||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized | in Balance Sheet | Liabilities | Instruments | Pledged | |||||||||||||||||||||
Liabilities | Presented in | ||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Aluminum forward contract | $ | 576 | $ | — | $ | 576 | $ | — | $ | — | $ | 576 | |||||||||||||
Interest rate swap | $ | 785 | $ | — | $ | 785 | $ | — | $ | — | $ | 785 | |||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset in Balance Sheet | ||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Received | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Interest rate cap | $ | 34 | $ | — | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset in Balance Sheet | ||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized | in Balance Sheet | Liabilities | Instruments | Pledged | |||||||||||||||||||||
Liabilities | Presented in | ||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Aluminum forward contract | $ | 479 | $ | — | $ | 479 | $ | — | $ | — | $ | 479 | |||||||||||||
Interest rate swap | $ | 630 | $ | — | $ | 630 | $ | — | $ | — | $ | 630 | |||||||||||||
The fair value of our derivatives are classified in the accompanying Condensed Consolidated Balance Sheets as follows: | |||||||||||||||||||||||||
March 29, | December 28, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivatives in a net asset (liability) position | Balance Sheet Location | ||||||||||||||||||||||||
Hedging Instruments: | |||||||||||||||||||||||||
Aluminum forward contracts | Accrued Liabilities | $ | (506 | ) | $ | (441 | ) | ||||||||||||||||||
Aluminum forward contracts | Other Liabilities | (70 | ) | (38 | ) | ||||||||||||||||||||
Interest rate cap | Other Current Asset | 13 | 21 | ||||||||||||||||||||||
Interest rate cap | Other Assets | 6 | 13 | ||||||||||||||||||||||
Interest rate swap | Other Liabilities | (785 | ) | (630 | ) | ||||||||||||||||||||
Total hedging instruments | $ | (1,342 | ) | $ | (1,075 | ) | |||||||||||||||||||
The following represents the gains (losses) on derivative financial instruments for the three months ended March 29, 2014, and March 30, 2013, and their classifications within the accompanying Condensed Consolidated Financial Statements: | |||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in | Location of Gain or (Loss) Reclassified from | Amount of (Loss) Reclassified from | |||||||||||||||||||||||
OCI on Derivatives (Effective | Accumulated OCI into Income (Effective | Accumulated OCI into Income (Effective | |||||||||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Aluminum contracts | $ | (192 | ) | $ | 157 | Cost of sales | $ | (256 | ) | $ | — | ||||||||||||||
Interest rate swap | $ | (154 | ) | $ | — | Interest expense, net | $ | — | $ | — | |||||||||||||||
Location of Gain or (Loss) Recognized in | Amount of (Loss) Recognized in | ||||||||||||||||||||||||
Income on Derivatives (Ineffective Portion) | Income on Derivatives (Ineffective | ||||||||||||||||||||||||
Portion) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
March 29, | March 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Aluminum contracts | Other Expense, net | $ | (162 | ) | $ | (252 | ) | ||||||||||||||||||
Interest rate swap | Other Expense, net | $ | — | $ | — |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||
NOTE 12. FAIR VALUE | |||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A three-tier fair value hierarchy is used to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows: | |||||||||||||||||
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||
Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||
Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||
The accounting guidance concerning fair value allows us to elect to measure financial instruments at fair value and report the changes in fair value through the Condensed Consolidated Statements of Comprehensive Income. This election can only be made at certain specified dates and is irrevocable once made. We do not have a policy regarding specific assets or liabilities to elect to measure at fair value, but rather make the election on an instrument-by-instrument basis as they are acquired or incurred. | |||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The following assets and liabilities are measured in the Condensed Consolidated Balance Sheets at fair value on a recurring basis and are categorized in the table below based upon the lowest level of significant input to the valuation: | |||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||
of Net Asset (Liability) Using: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | March 29, 2014 | Quoted Prices in Active | Significant Other Observable | Significant Unobservable | |||||||||||||
Markets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Aluminum forward contracts | $ | (576 | ) | $ | — | $ | (576 | ) | $ | — | |||||||
Interest rate cap | 19 | — | 19 | — | |||||||||||||
Interest rate swap | (785 | ) | — | (785 | ) | — | |||||||||||
Derivative financial instruments, net liability | $ | (1,342 | ) | $ | — | $ | (1,342 | ) | $ | — | |||||||
Description | December 28, | Quoted Prices in Active | Significant Other Observable | Significant Unobservable | |||||||||||||
2013 | Markets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | ||||||||||||||
Aluminum forward contracts | $ | (479 | ) | $ | — | $ | (479 | ) | $ | — | |||||||
Interest rate cap | 34 | — | 34 | — | |||||||||||||
Interest rate swap | (630 | ) | — | (630 | ) | — | |||||||||||
Derivative financial instruments, net liability | $ | (1,075 | ) | $ | — | $ | (1,075 | ) | $ | — | |||||||
The following is a description of the methods and assumptions used to estimate the fair values of our assets and liabilities measured at fair value on a recurring basis, as well as the basis for classifying these assets and liabilities as Level 2. | |||||||||||||||||
Aluminium forward contracts identical to those held by us trade on the London Metal Exchange (“LME”). The LME provides a transparent forum and is the world’s largest center for the trading of futures contracts for non-ferrous metals. The prices are used by the metals industry worldwide as the basis for contracts for the movement of physical material throughout the production cycle. Based on this high degree of volume and liquidity in the LME, we believe the valuation price at any measurement date for contracts with identical terms as to prompt date, trade date and trade price as those we hold at any time represents a contract’s exit price to be used for purposes of determining fair value. | |||||||||||||||||
Interest rate cap and swap contracts identical to those held by us are sold by financial institutions. The valuation price at any measurement date for a contract with identical terms, exercise price, expiration date, settlement date, and notional quantities, as the one we hold, is used for determining the fair value. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The following table presents the carrying values and estimated fair values of financial assets and liabilities that are required to be recorded or disclosed at fair value at March 29, 2014, and December 28, 2013, respectively: | |||||||||||||||||
March 29, 2014 | December 28, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets and liabilities | |||||||||||||||||
Cash and cash equivalents | $ | 30,777 | $ | 30,777 | $ | 30,204 | $ | 30,204 | |||||||||
Accounts receivable, net | $ | 22,392 | $ | 22,392 | $ | 20,821 | $ | 20,821 | |||||||||
Accounts payable and accrued liabilities | $ | 16,974 | $ | 16,974 | $ | 15,522 | $ | 15,522 | |||||||||
Long-term debt (including current portion) | $ | 76,365 | $ | 76,365 | $ | 77,255 | $ | 77,255 | |||||||||
The following provides a description of the methods and significant assumptions used in estimating the fair value of our financial instruments that are not measured at fair value on a recurring basis. | |||||||||||||||||
Cash and cash equivalents — The estimated fair value of these financial instruments approximates their carrying amounts due to their highly liquid or short-term nature. | |||||||||||||||||
Accounts receivable, net — The estimated fair value of these financial instruments approximates their carrying amounts due to their short-term nature. | |||||||||||||||||
Accounts payable and accrued liabilities — The estimated fair value of these financial instruments approximate their carrying amounts due to their short-term nature. | |||||||||||||||||
Debt —The estimated fair value of this debt is based on level 2 inputs of debt with similar terms and characteristics. |
ASSETS_HELD_FOR_SALE
ASSETS HELD FOR SALE | 3 Months Ended |
Mar. 29, 2014 | |
Property Plant And Equipment [Abstract] | ' |
ASSETS HELD FOR SALE | ' |
NOTE 13. ASSETS HELD FOR SALE | |
During the first quarter of 2013, we sold the Salisbury, North Carolina facility for approximately $8.0 million in cash (approximately $7.5 million net of selling costs), resulting in a gain of $2.2 million. |
WARRANTY_Tables
WARRANTY (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||
Information Regarding Warranty Accrual | ' | ||||||||||||||||||||
The following provides information with respect to our warranty accrual: | |||||||||||||||||||||
Beginning | Charged to | End of | |||||||||||||||||||
Accrued Warranty | of Period | Expense | Adjustments | Settlements | Period | ||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three months ended March 29, 2014 | $ | 2,666 | $ | 1,098 | $ | 90 | $ | (1,198 | ) | $ | 2,656 | ||||||||||
Three months ended March 30, 2013 | $ | 3,858 | $ | 744 | $ | (188 | ) | $ | (841 | ) | $ | 3,573 |
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 12,291 | $ | 11,305 | |||||
Work in progress | 429 | 329 | |||||||
Finished goods | 2,605 | 1,274 | |||||||
Total inventories | $ | 15,325 | $ | 12,908 | |||||
NET_INCOME_PER_COMMON_SHARE_Ta
NET INCOME PER COMMON SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Calculation of EPS and Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS | ' | ||||||||
The table below presents the calculation of EPS and a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS for our Company: | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands, except per share amounts) | |||||||||
Net income | $ | 3,352 | $ | 5,264 | |||||
Weighted-average common shares - Basic | 47,150 | 52,517 | |||||||
Add: Dilutive effect of stock compensation plans | 2,577 | 4,376 | |||||||
Weighted-average common shares - Diluted | 49,727 | 56,893 | |||||||
Net income per common share: | |||||||||
Basic | $ | 0.07 | $ | 0.1 | |||||
Diluted | $ | 0.07 | $ | 0.09 |
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 3 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Schedule of Intangible Assets | ' | ||||||||||
Intangible assets are as follows: | |||||||||||
Original | |||||||||||
March 29, | December 28, | Useful Life | |||||||||
2014 | 2013 | (in years) | |||||||||
(in thousands) | |||||||||||
Intangible assets: | |||||||||||
Trade names | $ | 38,441 | $ | 38,441 | indefinite | ||||||
Customer relationships | 55,700 | 55,700 | 10 | ||||||||
Less: Accumulated amortization | (55,700 | ) | (55,272 | ) | |||||||
Subtotal | — | 428 | |||||||||
Intangible assets, net | $ | 38,441 | $ | 38,869 |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Contractual Future Maturities of Long-term Debt | ' | ||||
The contractual future maturities of long-term debt outstanding as of March 29, 2014, are as follows (excluding unamortized debt discount and issuance costs): | |||||
(in thousands) | |||||
2014 | $ | 4,000 | |||
2015 | 4,000 | ||||
2016 | 4,000 | ||||
2017 | 3,000 | ||||
2018 | 63,000 | ||||
Total debt | $ | 78,000 | |||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Activity of Accumulated Other Comprehensive Loss, Net of Tax | ' | ||||||||||||
The following table shows the activity of accumulated other comprehensive loss, net of tax for the three months ended March 29, 2014, and March 30, 2013: | |||||||||||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | |||||||||||||
Balance at December 28, 2013 | $ | (1,837 | ) | $ | (386 | ) | $ | (2,223 | ) | ||||
Other comprehensive loss before reclassification | (97 | ) | (154 | ) | (251 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 161 | — | 161 | ||||||||||
Net current-period other comprehensive loss | 64 | (154 | ) | (90 | ) | ||||||||
Balance at March 29, 2014 | $ | (1,773 | ) | $ | (540 | ) | $ | (2,313 | ) | ||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | |||||||||||||
Balance at December 29, 2012 | $ | (1,414 | ) | $ | — | $ | (1,414 | ) | |||||
Other comprehensive loss before reclassification | (158 | ) | — | (158 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | ||||||||||
Net current-period other comprehensive loss | (158 | ) | — | (158 | ) | ||||||||
Balance at March 30, 2013 | $ | (1,572 | ) | $ | — | $ | (1,572 | ) | |||||
Reclassification Out of Accumulated Other Comprehensive Loss | ' | ||||||||||||
Reclassification out of accumulated other comprehensive loss for the three months ended March 29, 2014, and March 30, 2013: | |||||||||||||
Amount reclassified from Accumulated Other | Affected line item in | ||||||||||||
Comprehensive Loss | statement where Net | ||||||||||||
March 29, | March 30, | ||||||||||||
Detail about accumulated other comprehensive loss components | 2014 | 2013 | Income is presented | ||||||||||
(in thousands) | |||||||||||||
Aluminum Forward Contracts | |||||||||||||
Effective Portion of aluminum forward contracts | $ | 256 | $ | — | Cost of Sales | ||||||||
Tax effect | (95 | ) | — | Tax expense | |||||||||
$ | 161 | $ | — |
DERIVATIVES_Tables
DERIVATIVES (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Offsetting Derivative Instrument | ' | ||||||||||||||||||||||||
The impact of the offsetting derivative instrument is depicted below: | |||||||||||||||||||||||||
As of March 29, 2014 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset in Balance Sheet | ||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Received | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Interest rate caps | $ | 19 | $ | — | $ | 19 | $ | — | $ | — | $ | 19 | |||||||||||||
As of March 29, 2014 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset in Balance Sheet | ||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized | in Balance Sheet | Liabilities | Instruments | Pledged | |||||||||||||||||||||
Liabilities | Presented in | ||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Aluminum forward contract | $ | 576 | $ | — | $ | 576 | $ | — | $ | — | $ | 576 | |||||||||||||
Interest rate swap | $ | 785 | $ | — | $ | 785 | $ | — | $ | — | $ | 785 | |||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset in Balance Sheet | ||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Received | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Interest rate cap | $ | 34 | $ | — | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset in Balance Sheet | ||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized | in Balance Sheet | Liabilities | Instruments | Pledged | |||||||||||||||||||||
Liabilities | Presented in | ||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Aluminum forward contract | $ | 479 | $ | — | $ | 479 | $ | — | $ | — | $ | 479 | |||||||||||||
Interest rate swap | $ | 630 | $ | — | $ | 630 | $ | — | $ | — | $ | 630 | |||||||||||||
Fair Value of Derivatives | ' | ||||||||||||||||||||||||
The fair value of our derivatives are classified in the accompanying Condensed Consolidated Balance Sheets as follows: | |||||||||||||||||||||||||
March 29, | December 28, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivatives in a net asset (liability) position | Balance Sheet Location | ||||||||||||||||||||||||
Hedging Instruments: | |||||||||||||||||||||||||
Aluminum forward contracts | Accrued Liabilities | $ | (506 | ) | $ | (441 | ) | ||||||||||||||||||
Aluminum forward contracts | Other Liabilities | (70 | ) | (38 | ) | ||||||||||||||||||||
Interest rate cap | Other Current Asset | 13 | 21 | ||||||||||||||||||||||
Interest rate cap | Other Assets | 6 | 13 | ||||||||||||||||||||||
Interest rate swap | Other Liabilities | (785 | ) | (630 | ) | ||||||||||||||||||||
Total hedging instruments | $ | (1,342 | ) | $ | (1,075 | ) | |||||||||||||||||||
Gains (Losses) on Derivative Financial Instruments | ' | ||||||||||||||||||||||||
The following represents the gains (losses) on derivative financial instruments for the three months ended March 29, 2014, and March 30, 2013, and their classifications within the accompanying Condensed Consolidated Financial Statements: | |||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in | Location of Gain or (Loss) Reclassified from | Amount of (Loss) Reclassified from | |||||||||||||||||||||||
OCI on Derivatives (Effective | Accumulated OCI into Income (Effective | Accumulated OCI into Income (Effective | |||||||||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Aluminum contracts | $ | (192 | ) | $ | 157 | Cost of sales | $ | (256 | ) | $ | — | ||||||||||||||
Interest rate swap | $ | (154 | ) | $ | — | Interest expense, net | $ | — | $ | — | |||||||||||||||
Location of Gain or (Loss) Recognized in | Amount of (Loss) Recognized in | ||||||||||||||||||||||||
Income on Derivatives (Ineffective Portion) | Income on Derivatives (Ineffective | ||||||||||||||||||||||||
Portion) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
March 29, | March 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Aluminum contracts | Other Expense, net | $ | (162 | ) | $ | (252 | ) | ||||||||||||||||||
Interest rate swap | Other Expense, net | $ | — | $ | — |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The following assets and liabilities are measured in the Condensed Consolidated Balance Sheets at fair value on a recurring basis and are categorized in the table below based upon the lowest level of significant input to the valuation: | |||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||
of Net Asset (Liability) Using: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | March 29, 2014 | Quoted Prices in Active | Significant Other Observable | Significant Unobservable | |||||||||||||
Markets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Aluminum forward contracts | $ | (576 | ) | $ | — | $ | (576 | ) | $ | — | |||||||
Interest rate cap | 19 | — | 19 | — | |||||||||||||
Interest rate swap | (785 | ) | — | (785 | ) | — | |||||||||||
Derivative financial instruments, net liability | $ | (1,342 | ) | $ | — | $ | (1,342 | ) | $ | — | |||||||
Description | December 28, | Quoted Prices in Active | Significant Other Observable | Significant Unobservable | |||||||||||||
2013 | Markets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | ||||||||||||||
Aluminum forward contracts | $ | (479 | ) | $ | — | $ | (479 | ) | $ | — | |||||||
Interest rate cap | 34 | — | 34 | — | |||||||||||||
Interest rate swap | (630 | ) | — | (630 | ) | — | |||||||||||
Derivative financial instruments, net liability | $ | (1,075 | ) | $ | — | $ | (1,075 | ) | $ | — | |||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
The following table presents the carrying values and estimated fair values of financial assets and liabilities that are required to be recorded or disclosed at fair value at March 29, 2014, and December 28, 2013, respectively: | |||||||||||||||||
March 29, 2014 | December 28, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets and liabilities | |||||||||||||||||
Cash and cash equivalents | $ | 30,777 | $ | 30,777 | $ | 30,204 | $ | 30,204 | |||||||||
Accounts receivable, net | $ | 22,392 | $ | 22,392 | $ | 20,821 | $ | 20,821 | |||||||||
Accounts payable and accrued liabilities | $ | 16,974 | $ | 16,974 | $ | 15,522 | $ | 15,522 | |||||||||
Long-term debt (including current portion) | $ | 76,365 | $ | 76,365 | $ | 77,255 | $ | 77,255 |
Warranty_Additional_Informatio
Warranty - Additional Information (Detail) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Standard Product Warranty [Line Items] | ' | ' |
Warranty expense rate | 1.75% | 1.50% |
Minimum [Member] | ' | ' |
Standard Product Warranty [Line Items] | ' | ' |
Warranty period range in general | '1 year | ' |
Range of the warranty of majority of the product sold | '1 year | ' |
Maximum [Member] | ' | ' |
Standard Product Warranty [Line Items] | ' | ' |
Warranty period range in general | '10 years | ' |
Range of the warranty of majority of the product sold | '3 years | ' |
Warranty_Information_Regarding
Warranty - Information Regarding Warranty Accrual (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Guarantees [Abstract] | ' | ' |
Accrued Warranty, Beginning of Period | $2,666 | $3,858 |
Accrued Warranty, Charged to Expense | 1,098 | 744 |
Accrued Warranty, Adjustments | 90 | -188 |
Accrued Warranty, Settlements | -1,198 | -841 |
Accrued Warranty, End of Period | $2,656 | $3,573 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $12,291 | $11,305 |
Work in progress | 429 | 329 |
Finished goods | 2,605 | 1,274 |
Total inventories | $15,325 | $12,908 |
Stock_Compensation_Expense_Add
Stock Compensation Expense - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Shareholder Notes Receivable Disclosure [Line Items] | ' | ' |
Number of stock options exercised | 432,162 | ' |
Weighted average exercise price of options exercised | $1.61 | ' |
Compensation expense for stock based awards | $245,000 | $316,000 |
Total unrecognized compensation cost related to non-vested stock option and restricted stock awards | $2,000,000 | $1,000,000 |
Weighted average remaining vesting period | '2 years 1 month 6 days | ' |
2014 Omnibus Equity Incentive Plan [Member] | ' | ' |
Shareholder Notes Receivable Disclosure [Line Items] | ' | ' |
Common shares available for grant | 1,500,000 | ' |
Restricted Stock [Member] | ' | ' |
Shareholder Notes Receivable Disclosure [Line Items] | ' | ' |
Number of restricted shares vested | 12,027 | ' |
Weighted average fair value of common stock | $10.30 | ' |
Stock Option [Member] | ' | ' |
Shareholder Notes Receivable Disclosure [Line Items] | ' | ' |
Number of options granted | 20,000 | ' |
Options vesting period | '5 years | ' |
Exercise price, granted | $11.81 | ' |
Restricted Stock Award [Member] | ' | ' |
Shareholder Notes Receivable Disclosure [Line Items] | ' | ' |
Weighted average fair value of common stock | $11.81 | ' |
Restricted stock awards | 144,262 | ' |
Options vesting period | '3 years | ' |
Service Based Restricted Share Awards [Member] | ' | ' |
Shareholder Notes Receivable Disclosure [Line Items] | ' | ' |
Weighted average fair value of common stock | $11.81 | ' |
Options vesting period | '3 years | ' |
Net_Income_Per_Common_Share_Ad
Net Income Per Common Share - Additional Information (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Anti-dilutive options excluded from weighted average shares outstanding | 47 | 22 |
Net_Income_Per_Common_Share_Ca
Net Income Per Common Share - Calculation of EPS and Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $3,352 | $5,264 |
Weighted-average common shares - Basic | 47,150 | 52,517 |
Add: Dilutive effect of stock compensation plans | 2,577 | 4,376 |
Weighted-average common shares - Diluted | 49,727 | 56,893 |
Net income per common share: | ' | ' |
Basic | $0.07 | $0.10 |
Diluted | $0.07 | $0.09 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, net | $38,441 | $38,869 |
Customer Relationships [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets | 55,700 | 55,700 |
Less: Accumulated amortization | -55,700 | -55,272 |
Subtotal | ' | 428 |
Original Useful Life (in years) | '10 years | ' |
Trade Names [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Trade names | $38,441 | $38,441 |
Indefinite lived intangible asset useful life | 'indefinite | ' |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Mar. 29, 2014 |
Indicator | ||
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Weighted average royalty rate | 4.00% | ' |
Weighted average discount rate | 16.10% | ' |
Impairment indicators | ' | 0 |
Trade Names [Member] | Changes Measurement [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Excess of estimated fair value of trade names over book values in percentage | 79.00% | ' |
Excess of estimated fair value of trade names over book values | 30.3 | ' |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
Dec. 28, 2013 | Mar. 29, 2014 | Sep. 16, 2013 | Sep. 16, 2013 | 28-May-13 | 28-May-13 | 28-May-13 | Mar. 29, 2014 | 28-May-13 | 28-May-13 | Mar. 29, 2013 | Mar. 29, 2013 | Aug. 05, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | |
Interest Rate Cap [Member] | Interest Rate Swap [Member] | Senior Secured Credit Facilities [Member] | Term loan facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Swing Line Loan Facility [Member] | Letter of Credit [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||
Agreement | Agreement | LIBOR [Member] | Base Rate [Member] | Capital Addition Purchase Commitments [Member] | LIBOR [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under credit facility | ' | ' | ' | ' | $105,000,000 | $80,000,000 | $25,000,000 | ' | $5,000,000 | $10,000,000 | ' | ' | ' | ' | ' |
Maturity term of credit agreement | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amortization percentage | ' | ' | ' | ' | ' | 5.00% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Maturity term of credit agreement | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable interest margin on LIBOR/Base Rate based on leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | 3.50% | 2.50% |
Number of interest rate agreements | ' | ' | 2 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio | ' | 1.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement date | 28-May-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement termination date | 23-Jun-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase aggregate amount | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' |
Face value of debt | ' | $78,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long_Term_Debt_Contractual_Fut
Long Term Debt - Contractual Future Maturities of Long-Term Debt (Detail) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $4,000 |
2015 | 4,000 |
2016 | 4,000 |
2017 | 3,000 |
2018 | 63,000 |
Total debt | $78,000 |
Recovered_Sheet1
Accumulated Other Comprehensive Loss - Activity of Accumulated Other Comprehensive Loss, Net of Tax (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | ($2,223) | ($1,414) |
Other comprehensive loss before reclassification | -251 | -158 |
Amounts reclassified from accumulated other comprehensive loss | 161 | ' |
Net current-period other comprehensive loss | -90 | -158 |
Ending Balance | -2,313 | -1,572 |
Aluminum Forward Contracts [Member] | ' | ' |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -1,837 | -1,414 |
Other comprehensive loss before reclassification | -97 | -158 |
Amounts reclassified from accumulated other comprehensive loss | 161 | ' |
Net current-period other comprehensive loss | 64 | -158 |
Ending Balance | -1,773 | -1,572 |
Interest Rate Swap [Member] | ' | ' |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -386 | ' |
Other comprehensive loss before reclassification | -154 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' |
Net current-period other comprehensive loss | -154 | ' |
Ending Balance | ($540) | ' |
Recovered_Sheet2
Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Cost of sales | $42,953 | $32,004 |
Tax expense | -1,967 | -437 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net of Tax | 161 | ' |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Aluminum Forward Contracts [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Cost of sales | 256 | ' |
Tax expense | ($95) | ' |
Income_Taxes_Additional_inform
Income Taxes - Additional information (Detail) (USD $) | 3 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective tax rates | 37.00% | 7.70% | ' |
Statutory rate | 38.80% | ' | ' |
Valuation allowance related to deferred tax asset | ' | ' | $0 |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | |||||||
Mar. 29, 2014 | Dec. 28, 2013 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 16, 2013 | Sep. 16, 2013 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 16, 2013 | Sep. 16, 2013 | Mar. 29, 2014 | Dec. 28, 2013 | |
Contract | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Cap One [Member] | Interest Rate Cap Two [Member] | Aluminum Forward Contracts [Member] | Aluminum Forward Contracts [Member] | ||
Agreement | Agreement | Contract | Contract | |||||||||
lb | lb | |||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit to cover the liability position of open contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' |
Price of aluminum fall, maximum exposure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' |
Derivative financial instruments, fair value of net liability | ' | ' | ' | ' | ' | ' | 785,000 | 630,000 | ' | ' | 576,000 | 479,000 |
Number of outstanding forward contracts, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29 | ' |
Purchase of aluminum commodity contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | 9,500,000 |
Anticipated aluminum commodity contracts, percentage | 36.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aluminum commodity contracts, average price per pound | 0.88 | 0.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aluminum commodity contracts, lower maturity date | '1 month | '1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aluminum commodity contracts, upper maturity date | '15 months | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative financial instruments, fair value of net asset | ' | ' | 19,000 | 34,000 | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Number of outstanding forward contracts, Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33 |
Number of ineffective derivatives contract held | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate agreements | ' | ' | ' | ' | 2 | 1 | ' | ' | ' | ' | ' | ' |
Term of interest rate cap agreement | ' | ' | ' | ' | ' | '3 years 3 months 0 days | ' | ' | '1 year | '2 years | ' | ' |
Notional amount of interest rate cap agreement | ' | ' | ' | ' | ' | $40,000,000 | ' | ' | $40,000,000 | $20,000,000 | ' | ' |
Derivative instrument LIBOR rate exemption, Interest rate cap agreement | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | ' | ' |
Portion of the variable rate debt from an increase in the floating rate | ' | ' | ' | ' | ' | 2.15% | ' | ' | ' | ' | ' | ' |
Termination date of interest rate derivative | ' | ' | ' | ' | ' | 18-May-18 | ' | ' | ' | ' | ' | ' |
Derivatives_Schedule_of_Offset
Derivatives - Schedule of Offsetting Derivative Instrument (Detail) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | $785 | $630 |
Gross Amounts offset in Balance Sheet - Liabilities | ' | ' |
Net Amounts of liabilities presented in Balance Sheet | 785 | 630 |
Financial Instruments - Liabilities | ' | ' |
Cash Collateral Pledged - Liabilities | ' | ' |
Net Amount | 785 | 630 |
Interest Rate Cap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 19 | 34 |
Gross Amounts offset in Balance Sheet - Assets | ' | ' |
Net Amounts of Assets presented in Balance Sheet | 19 | 34 |
Financial Instruments - Assets | ' | ' |
Cash Collateral Received - Assets | ' | ' |
Net Amount | 19 | 34 |
Aluminum Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net Amounts of Assets presented in Balance Sheet | ' | 500 |
Net Amount | ' | 500 |
Gross Amounts of Recognized Liabilities | 576 | 479 |
Gross Amounts offset in Balance Sheet - Liabilities | ' | ' |
Net Amounts of liabilities presented in Balance Sheet | 576 | 479 |
Financial Instruments - Liabilities | ' | ' |
Cash Collateral Pledged - Liabilities | ' | ' |
Net Amount | $576 | $479 |
Derivatives_Fair_Value_of_Hedg
Derivatives - Fair Value of Hedges and Interest Rate Cap (Detail) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total hedging instruments | ($1,342) | ($1,075) |
Aluminum Forward Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net liability position | -576 | -479 |
Derivatives in a net asset position | ' | 500 |
Aluminum Forward Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net liability position | -506 | -441 |
Aluminum Forward Contracts [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net liability position | -70 | -38 |
Interest Rate Cap [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net asset position | 13 | 21 |
Interest Rate Cap [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net asset position | 6 | 13 |
Interest Rate Swap [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net liability position | ($785) | ($630) |
Derivatives_Gains_Losses_on_De
Derivatives - Gains (Losses) on Derivative Financial Instruments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Cost of Sales [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amount of Gain Reclassified from Accumulated OCI into Income (Effective Portion) | ($256) | ' |
Interest Expense [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amount of Gain Reclassified from Accumulated OCI into Income (Effective Portion) | ' | ' |
Aluminum Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | -192 | 157 |
Aluminum Contracts [Member] | Other Expense, Net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | -162 | -252 |
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | -154 | ' |
Interest Rate Swap [Member] | Other Expense, Net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ' | ' |
Fair_Value_Items_Measured_at_F
Fair Value - Items Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ($1,342) | ($1,075) |
Aluminum Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -576 | -479 |
Interest Rate Cap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | 19 | 34 |
Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -785 | -630 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -1,342 | -1,075 |
Significant Other Observable Inputs (Level 2) [Member] | Aluminum Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -576 | -479 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Cap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | 19 | 34 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ($785) | ($630) |
Fair_Value_Fair_Value_of_Finan
Fair Value - Fair Value of Financial Instruments (Detail) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 30, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $30,777 | $30,204 | $14,290 | $18,743 |
Accounts receivable, net | 22,392 | 20,821 | ' | ' |
Accounts payable and accrued liabilities | 16,974 | 15,522 | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 30,777 | 30,204 | ' | ' |
Accounts receivable, net | 22,392 | 20,821 | ' | ' |
Accounts payable and accrued liabilities | 16,974 | 15,522 | ' | ' |
Long-term debt (including current portion) | 76,365 | 77,255 | ' | ' |
Estimated Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 30,777 | 30,204 | ' | ' |
Accounts receivable, net | 22,392 | 20,821 | ' | ' |
Accounts payable and accrued liabilities | 16,974 | 15,522 | ' | ' |
Long-term debt (including current portion) | $76,365 | $77,255 | ' | ' |
Assets_Held_for_Sale_Additiona
Assets Held for Sale - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2013 |
Statement Of Cash Flows [Abstract] | ' |
Proceeds from Divestiture of Businesses | $8 |
Net Proceeds from Divestiture of Businesses | 7.5 |
Gain from divestiture of business | $2.20 |